Lordstown Motors mentioned Monday that it nonetheless had greater than $220 million in money on the finish of 2022, regardless of ongoing challenges that halted manufacturing of its Endurance electrical pickup after simply six had been delivered.

Shares had been down about 4% in mid-morning buying and selling on Monday following the report.

Lordstown started deliveries of its first EV, the Endurance pickup truck, in November. Via the top of February, it had constructed about 40 vans and delivered six to clients. However the firm mentioned on Feb. 23 that it had halted Endurance manufacturing to deal with efficiency and high quality points, and that it recalled 19 of the vans to restore a defective electrical connection that would cease the motors abruptly whereas driving.

As of Dec. 31, Lordstown had $221.7 million in money and short-term investments available.

Listed below are the important thing numbers from Lordstown’s fourth-quarter earnings report:

• Loss per share: 45 cents, versus a lack of 42 cents per share within the fourth quarter of 2021.
• Income: About $194,000. Lordstown had no income within the year-ago interval.

The corporate’s web loss widened to $102.3 million from $81.2 million a yr earlier. Lordstown delivered three Endurance pickups to clients in the course of the fourth quarter.

The Ohio-based startup is starting a pivot to a brand new electrical automobile program in collaboration with Taiwanese contract producer Foxconn, which purchased Lordstown’s plant and invested within the startup final yr in a deal that would ultimately be price as much as $170 million if all milestones are hit.

Lordstown mentioned Foxconn has to date invested $52 million, of which $30 million is earmarked for a brand new EV platform, which can incorporate parts and engineering developed by the Mobility in Concord Consortium (MIH), a Foxconn-led effort to develop an open structure for electrical automobiles.

Lordstown mentioned that the subsequent platform and automobile program are “key” to its long-term technique.

“Our asset-light enterprise mannequin and collaboration with the Foxconn EV ecosystem, together with MIH, will present the chance for Lordstown Motors to create profitable EVs which can be tailor-made to the wants of shoppers that use them for varied work functions, whereas gaining the associated fee advantages of scale,” mentioned CEO Edward Hightower in an announcement.